In light of the second anniversary of George Floyd’s murder, we thought it would be meaningful to see what progress S&P 500 companies have made in diversifying their boards of directors. Specifically, we looked at the board diversity of these companies today, versus May 25, 2020.
What has changed since George Floyd was killed?
- The representation of people of color, and specifically Black Americans, has increased slightly: 22.6% of the total board seats are held by people of color today, vs 17.7% in May 2020. And specifically, 12% of the total number of seats are held by directors who identify as fully or part Black or African American, vs. 8.5% in 2020.
- S&P 500 companies have added more than one thousand new board seats since May 25, 2020, with many going to directors of color. Of these new seats, 43.1% went to directors of color, and 26.8% specifically went to Black/African American directors.
- 235 companies added at least one Black/African American director. But only a few S&P 500 companies have made outsized changes. Of this group, 34 companies have added two Black/African American directors, and only three companies – American Express, Crown Castle and First Energy Corp., have added three.